New York's Cooperative and Condominium Community

Habitat Magazine Business of Management 2021

HABITAT

LENOX HILL

An Art Deco Co-op Burnishes Its Brand

Written by Bill Morris on April 08, 2021

Lenox Hill, Manhattan

A name on the awning is just the beginning of a building's brand.

Disgruntled shareholder’s claim of mismanagement is ruled “speculation.”

Access to a Neighboring Building Is Not Guaranteed

Written by Victor M. Metsch on October 08, 2020

Lenox Hill, Manhattan

Though the courts usually grant board requests, some are denied.

Even the best contingency plan can't prepare a board for unforeseeable surprises.

Is This the Perfect Boot Camp for Co-op Boards?

Written by Bill Morris on June 17, 2019

Lenox Hill, Manhattan

Gerry Maughan’s stint on a town council prepared him for board service.

A Fairy Tale About a Co-op Full of Happy People

Written by Marianne Schaefer on July 25, 2018

Lenox Hill, Manhattan

A visionary board and supportive shareholders add up to “unique” harmony.

Lenox Hill Co-op Gets the Ultimate Face-Lift

Written by Paula Chin on September 19, 2017

Lenox Hill, Manhattan

Reskinning replaces leaky white bricks with handsome red ones.

Reskinning an Albatross

Written by Paula Chin on September 04, 2017

Lenox Hill, Manhattan

Co-op board removes leaky white bricks and reskins its entire building. 

For such a relatively rare real-estate instrument, ground leases have been in the news a fair bit lately. And now the shareholders of Trump Plaza, at 167 East 61st Street in Manhattan, are getting news they might prefer to live without. As Bloomberg Businessweek reports, the family that owns the land beneath the 31-year-old luxury co-op wants to sell it — and the $185 million that the co-op board offered could hit some residents with an assessment of more than $1 million each. “People are calling me to stop this from happening,” said attorney Adam Leitman Bailey, principal of his namesake firm, who has been contacted by some owners wanting to keep the sale, and the assessment, from happening. But equally concerning is how much the ground-lease rent would go up another, outside buyer. In that scenario, the board projects, a monthly maintenance fee of $2,100 would increase to $9,800 when the lease resets in 20124.

A doorman who helped save the life of an elderly tenant trapped in her apartment for two days with a broken hip. A porter who collapsed on smoke-filled stairs after having helped get residents out of their apartments during a fire. An engineer and former New York City Department of Buildings inspector who became the super for a six-building, 1,700-apartment complex. They and 18 other city residential and office workers each took home a prize as the best in their categories in the 2014 Building Service Workers Awards.

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